REH.L Regulatory News (REH)

30 Aug 2007 07:01

Renewable Energy Holdings plc30 August 2007 30 August 2007 Emabargoed until 0700hrs Renewable Energy Holdings plc ("REH" or "the Company") Completion of acquisition of 8MW wind farm in Kirf, Germany Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor and operator of proven and innovative renewable energy technologies, is pleased to announce it has completed the acquisition of an 8MW wind farm in Kirf, Germany from enXcoGmbH. This acquisition is in addition to REH's existing 32.5MW wind farm, located in Kesfeld, near Kirf, Germany. REH now has the capacity to generate 40.5MW from its wind assets in Germany, with plans to increase this to 47.4 MW by April 2008. The Kirf wind farm was purchased for €10.5 million (funded by €3.6 million in equity and the balance with debt from REH's facility with Standard Chartered Bank). It consists of four MM92 Repower turbines, each with 2MW capacity. Theseturbines have been in production since 1 June 2007 and are performing ahead of management's expectations. According to the German EEC law, Kirf is entitled toa tariff of €81.90 per MW over a period of 20 years and has entered into a grid connection contract with RWE. Management expects Kirf to achieve a wind load factor of 27%. Commenting on the additional capacity in Germany, Mike Proffitt, Chief Executiveof REH said: "We are delighted to have completed the purchase of the Kirf windfarm. The site is ideal for a wind farm, the evidence of which is that production in the first few months has already exceeded our original expectations. Our experience at Kesfeld has shown us that Grid connection facilities in the area are of the highest standard and we look forward to building on the results we have already achieved in the German market." - ends - For further information please contact: Mike Proffitt, Chief ExecutiveRenewable Energy Holdings plc Tel: 01624 641199 Katherine RoePanmure Gordon - Broker to REH Tel: 020 7459 3600 Richard SwindellsNabarro Wells - Nominated Adviser to REH Tel: 020 7710 7400 Emma Kane / Samantha Robbins / Paul DulieuRedleaf Communications Tel: 020 7822 0200 Notes to Editors About Renewable Energy Holdings •Renewable Energy Holdings is an international company established to be an operator of, and undertake active investment in, both proven and innovative renewable energy technologies. •REH owns two wind farm sites is Germany. Kesfeld, a 32.5MW wind farm, is fully operational, and Kirf, an 8MW wind farm, will be fully operational in 2007. In addition, REH is at various stages of development of further wind farm sites in Poland, Hungary and Wales. •REH owns a 1MW methane Landfill Gas Project in Powys, Wales. The long-term objective for this project is to increase production to 5-6MW. •CETO is REH's innovative wave power technology. It is the first wave power converter to sit on the seabed, where it is invisible, safe from storms and ocean forces, and self contained. Unlike other wave energy technologies that require undersea grids and costly marine qualified plant, CETO requires only a small diameter pipe to carry high pressure seawater ashore to either a turbine to produce electricity, or to a reverse osmosis filter to produce fresh water. •In April 2007, REH secured a credit facility with Standard Chartered Bank of up to €135,000,000 (c. £91.8m). •In July 2007, REH entered into a binding Memorandum of Understanding with EDF Energies Nouvelles SA (EDF EN) regarding a Collaboration Agreement which will exclusively permit EDF EN to develop offshore wave power projects in the Northern Hemisphere and at Reunion Island in the Indian Ocean using REH's proprietary CETO wave power technology. •The Directors and executive team of REH have extensive experience in both the conventional and renewable energy sectors, both in the UK and overseas, and through their experience have built a broad international network of relationships with individuals, companies, governments and lobby groups. •The Company was incorporated in the Isle of Man on 8 October 2004 and listed on the London Stock Exchange's AIM Market in February 2005. •Further information can be found at www.reh-plc.com This information is provided by RNS The company news service from the London Stock Exchange